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HomeMy WebLinkAbout0781 8. Inepection. l.ender may make or cause to be made reasoneble entriee upon a~d inepections uf the property, provided that I.ende~ ehali give I3orrowe~ notice prior to any auch ineNection epeci[ying reaeonable.cauae therefur ~elated to Ixnde~ a intereet in the Property. 9. Condemnation. The proceeda ot any award o~ claim tor damages, direcl or cunaequential, in connection with any rn~demnation or other takinR of the property, or part thereof, or tor conveyance in lieu of rnndemnation, are hereby asaigned and shall be paid to l.ender. ln the event of a total taking ot the Property, the pc«.~eeda shall be applied b the suma eecund by thie Mo~age, with the e:cese, i[ any, peid to Eiorrov?er. Ia the eveot of a partial taking of the Property, unleae Borrower and l.ender otherwise agree in writing, there ehall t?e Hpplied to the auma eecured by thie Mortgage auch pmportion of the proceeds aa is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of taking, with the balanrr oi the proceede paid to Borrower. If the Property is abandoned by I3orrower, or if, after notice by I.ender tn Rorrower that the condemnor offere to make an award or eettle a claim for dumagea. Borrower faila to reapand to l.ender within 30 days aRer the date such notice ie mailed, l.ender is authorized to collect and apply the proceeda, at l.ender'a option, either to restoration or repair of the properiy or to the aume aecured by this 111ortgege. Unleas Lender and Borrower otherwiae agree in writing, any auch applicatioa otproceeds to principal ahutl not extend or poetpone the due date of the monthly inatailmenta rnferred to in paragraphs 1 and 2 hereof or change the amount of such inetallmente. 10. Borrower Not Releaxed. Extenaion of the time for paym~nt or modification of amortization of the aums secured by this Mortgage .granted by I.ender to any successor in intereat of E3ormwer ahull not operate to releas~e, in any manner, the liability of the original E3orrower and l3orruwer's auccessors in intemat. l.ender ahall not be required to commence proceedinga against such succeasor or refuae to extend time for payment or otherwise modify amortization of the sums securrd by this MortgHge by reasun of any demand made by the onginal Borrower ~?nd F3orrowei s successorx in interest. 11. Forbearance by Lender Not e Waiver. Any forbearance by [xnder in exercising any right or remedy hereunder, or otherwiee afforded by applicable Iaw, ahall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of inaurance or the payment of taxea or other liens or chargea by Lender ahall not be a waiver of l.ender's right ta accelerate the maturity of the indebtedneae aecured by this Mortgage. 12 Remediee Cumulative. All remediea provided in thia Mortgage arn diatinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exercise~l concurrently, independently or aucceaeively. 13. Successore and Asaigns Bound; Joint and Several Liability; Ceptione. The covenanta and agreementa herein contained ehall bind, and the rights hemunder aha11 inure to, the reapective aucce~wra ~nd xssigna of I.ender and Borrower, aubject to the provieiona of paragraph 1? hereof. All co~ensinta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for co~enience only and are not w be uaed to interprnt or define the pmviaions hereof. 14. Notice. Except for any notice mquin~d under applicable law to lx given in another manner, la) any noticr to F3orrower provided for in thia Mortgage shall begiven by mailing auch notice by certiFed mail addressed to F3orrower at the Property Address or at auch other addresa ae I3orrower mny deaignate by notice to l.ender as provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requested, to l.ender's address stated herein or to such other addresa as I.ender may designate by notice to E3orrower as provided herein. Any notice pro~nded for in this Aiortgage shall be deemed to have been given to 13orrower or [.ender when given in the m~nner deaignated herein. 1 Fi. Unitorm Mortgage; Governing Law; Severability. Thie form of mortgage combinea uniform covenants for national uae and non- uniform covenants with limited variationa by juriadiction to constitute a uniform security inatrument covering real property. This Mortgage shall be Qoverned by the law of the jurisdiction in which the Yroperty is located. In the event that any provision or clause of this Mortgage or the Note contlicts with applicable law, such conflicl shall not affect other pmvisions of this Mortgage or the Nute which can be given effect without the conflicting provision, and to this end the provisions of the MortKage and the Note are declared to be severable_ 16. Borrower'a Copy. F3orrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'I~anefer of the Property; Asaumption. If ull or any part of the Property or an interest therein is sold or tranaferred by Borrower w~thout Lender's prior written consent, excluding Ial the crnation uf a lien or encumbrance subordinate to thix [~tortgage, (b) the creation of a purchase money security interest for household appliances, lc) a transfer by deviae, descent or by operation of law upon the death of a joint tenant or fd) the grant of any leasehold intemst uf three y,eara or leas not containing an option to purchase, Lender may, at Lender's option, dcrlare all the sums secured by this Mortgaae to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior i to the anle or trans[er, l.ender and the person to whom the Property is to be sold or tranaferred reach aQreement in writing that the cmdit of such person ~s satisfactory to I.ender and that th~ interest payable on the sums secured by this Mortgage ahall be at such rate as I.ender shall ~ r«~auc~t. If Lenclcr hus waived the option to accelerate pro~ ided in this pazagraph 17, and if E3orrower's successor in interest has executed a written assumption agreement accepted in writing by I.ender, Ixnder shall release Borrower from all obligations under this Mortgage and the ti ote. [f Lender exercises such optiun to accelerate, [.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice sha11 provide a periud of not less than J(1 days from the date the notice is rr.ailed within which Aorrower maY pay thesums declared due. If Borrower fails to pay such sums prior to the expiration of such period, lxnder may, without further notice or demand on E3orrower, mvokeany remedicw permitteci b~• paraRraoh iR hereof. ~ IS. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower's bresch of any covenant or agreement of Borrower in this Mortgage. including the covenanta to pey when due any sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower es provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lesa than 30 days from the date the notice ie mailed to Borrower. by which auch ~ breach muet be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may reault in acceleration of the sume secured by this Mortgage, foreclosure by judicial prceeeding and sale of the Property. The notice ahall further inform Borrower of the right to reinstate after ncceleretion and the right to asaert in the forecloaure proceeding the non-e:iatence ote deCault or eny other defenae of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date apecified in the notice. Lender at Lender's option may declare aU of the sums aecured by thie Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to coliect in such proceeding all expenses of foreclosure. including, but not limited to. reasonable altorney's feee. and costs of documentary evidence. abatracts and title reports. ~ 19. Borrower's Right to Reinetate. Notw~thatanding Lender's acceleration of the suma secured by this Mortgage, E3orrower ahall have $ the right to have any proceedinga brgun by I.ender to enforce this Mort~age discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a1 Bormwer pays Lender ail sums which would be then due under this Mortgage, the Note and notes aecuring Future ~ Advances,ifany,hadnoaccelerationoccurred;(b1l3orruwercuresallbreachesofanyothercovenantsoragreementao[Borrowercontainedin ~ thia Mortgage; Ic) f3orrower pays al! reasonable expertsea incurred by l.ender in enforcing the covenanta and agreements of 13orrower contained in this Mortgaqe and in enforcing I.ender's mmediea as provided in paragraph 18 hereof, including, but not limited to, rnasonable ~ attorney's fees; and (d) I3orrower takea auch action as Lender may reasonably require to assure that the lien of this btortgage, I.ender'a interest ~ in the Property and Eiormwer's obligation to pay the sums secured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by E3orrower, this Mortgage and the obligations aecured hereby shall remain in fuU force and effect as if no acceleration had cecurred. ~ 20. Aasignment of Renta; Appointment of Receiver. As additional aecurity hereunder, F3urrower hereby asaigna to Lender the rents ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 1 H hereof or nbandonment of the Property, have theright to collect and rntain auch rents as they become due and payable. Upon acceleration under paraEtraph IS hereof or abandonment of the Property, I,ender ahall be entided to have a rereiver appointed by a r court to enter upon. teke possession of and manage the Property and to collect the renta of the Yroperty, including thoae past due. All renta ~ collected by the ceceiver shall be applied first to payment of the coats of management of the Property and collection of rents, including, but not ~ limited to, receiver a fees, premiums or. receiver's bonds and reasonable attnrney's fees, and then to the sums aecured by this Mortgage. The ~ receiver shall be liable to acoount only for those rente adually received. ~ C~ ~ 2~0 FA~~ 781 ~ ~ ~ ~ ~i ~ - - - - ~ - ~ - ' ' - ~ - ~ ~ _ . ' Js~-: >r~ ~-ti, u ~.i_ "°~.r y _ ~ q,~, - -r - . _ _ . ~ .